Acetonitrile Market Size, Share and Industry Analysis Report, Regional Outlook, Application Development Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3533
Global acetonitrile market size is projected to gain considerable momentum over 2021-2027. This is driven by the growing adoption of the compound in the pharmaceutical industry, predominantly as a solvent, to cast and mold plastic materials, and extract fatty acids from animals and vegetable oils. In addition, its escalating usage in the development of personal care and cosmetic products, including perfumes and acrylic nail removers, will also boost acetonitrile extraction activities in the upcoming years. Acetonitrile refers to a chemical compound, colorless liquid, and organic nitrile that is mainly used as a polar aprotic solvent in the organic synthesis and purification of butadiene. The compound is also adopted as a medium-polarity solvent in laboratories, has a convenient liquid range and is miscible with water.
Rapid expansion of the pharmaceutical and petrochemical industries is one of the major trends strengthening the overall acetonitrile market outlook over 2021-2027. Acetonitrile grades are widely used in extractive distillation and separation of C4-hydrocarbons and olefin-diolefin mixtures across the petrochemical sector. However, the volatility in its supply, along with its relatively poor environmental profile, has asserted a negative influence on its use across laboratories and manufacturing processes over the past years.
With regards to application, the acetonitrile market from the agrochemicals segment will register considerable revenue by 2027. This can be credited to the increasing adoption of acetonitrile acid in laboratories to detect a variety of materials such as pesticide residues. Growth from the segment is also due to the sharp uptake of agrochemicals in the agricultural sector and the healthy exports activities.
On the regional front, the Asia Pacific acetonitrile industry is poised to depict a high growth rate through 2027. This is due to the anticipated increase in sowing and the seamless availability of fertilizers and pesticides in developing economies, despite a rapid surge in coronavirus infection. Furthermore, a commendable increase in the supply of pharmaceutical products from the regional market will further augment the need for acetonitrile across these end-use industries.
Some of the prominent players holding a major share in the acetonitrile market include Filo Chemical, NeuChem, Continental Industries Group, Achemica, GFS Inc., Sterling Chemicals, DuPont, CNPC Jilin Chemical, Asahi Kasei Medical Company Limited, Nova Molecular Technologies, BP Chemicals, AlzChem AG, Purification Technologies, Inc., J.T. Baker Chemicals, INEOS, Imperial Chemical Corporation, Honeywell International Inc., Avantor Performance Materials, and AnQore, among others. These firms are focusing on strategies like new product launches, business expansions, mergers, and acquisitions to expand their footprint in the global market.
Decline in Petrochemical Demand During COVID-19 to Impact Acetonitrile Market Trends:
The ongoing coronavirus pandemic has impacted various industrial sectors, including petrochemical, mainly due to the slowing product demand. A shrinking value pool and growing surplus, which were already prominent prior to the pandemic, have become more pronounced. According to the ICIS’s 2020 Global Petrochemical Index, the demand and production of petrochemicals was expected to witness a decline of 5%-10%. Situations such as these may have impacted acetonitrile applications across the petrochemical sector.
Despite the COVID-19-induced disruptions across major sectors of the economy, the pandemic has created a boost to the pharmaceutical industry worldwide. Burgeoning e-commerce and its footprint in the pharma sector have created an attractive revenue stream. Since the outbreak, e-pharmacy has witnessed massive growth, owing to the robust demand for medications from patients during the lockdown. This significant growth trajectory may, in turn, contribute to the recovery of the acetonitrile industry over the foreseeable future, since the chemical compound plays a major role in the development of novel pharmaceutical products.
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